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All societies, especially advanced ones should end social security. At the very least, they should completely change the way that it operates so that it is not a ponzi scheme. Currently social security works in most countries by having the working (the kids) pay for the retired adults (parents). It is obvious that the only way for this to be sustainable is for the working class to be large enough to carry the weight of their parents.
Here is the point in an advanced society, people have less children. Less children make it harder for them to bear the weight of the parents. This is why nearly every advanced society is having problems with social security. Japan is in the midst right now as they have so many elderly. The Europeans and here in the US we are having problems.
The only ways to solve this are:
1. People have more kids
I don't have a problem with this, it is just not the tendency for societies to have more children. Once birth-control enters the picture, people have less kids.
2. Import people
This is really not a solution but a band-aid. Sure they can help shoulder the burden, but who then will pay for them. We only kick the can down the road.
3. End/change it permanently
We can end it. Some people may not like that politically. However if they do not end it completely, they will have to change the way that it operates. Instead of simply giving the money from children to adults, they will have to actually save the money into a trust fund. Then when the person gets older, they get their contribution back + interest. This is very much the same as a private pension plan. However the benefits cannot be given out for multiple decades. Otherwise, the cost of supporting people for so long balloons and makes it unsustainable.
The life expectancy is going up and birth rates are going down, it's obvious that we cannot keep our current system.
All societies, especially advanced ones should end social security. At the very least, they should completely change the way that it operates so that it is not a ponzi scheme. Currently social security works in most countries by having the working (the kids) pay for the retired adults (parents). It is obvious that the only way for this to be sustainable is for the working class to be large enough to carry the weight of their parents.
Here is the point in an advanced society, people have less children. Less children make it harder for them to bear the weight of the parents. This is why nearly every advanced society is having problems with social security. Japan is in the midst right now as they have so many elderly. The Europeans and here in the US we are having problems.
The only ways to solve this are:
1. People have more kids
I don't have a problem with this, it is just not the tendency for societies to have more children. Once birth-control enters the picture, people have less kids.
2. Import people
This is really not a solution but a band-aid. Sure they can help shoulder the burden, but who then will pay for them. We only kick the can down the road.
3. End/change it permanently
We can end it. Some people may not like that politically. However if they do not end it completely, they will have to change the way that it operates. Instead of simply giving the money from children to adults, they will have to actually save the money into a trust fund. Then when the person gets older, they get their contribution back + interest. This is very much the same as a private pension plan. However the benefits cannot be given out for multiple decades. Otherwise, the cost of supporting people for so long balloons and makes it unsustainable.
The life expectancy is going up and birth rates are going down, it's obvious that we cannot keep our current system.
Hey, the day the gubment decides to let all workers keep their earnings, and invest that amount as they wish instead of forcing participation in the program, many would rejoice.
Insurance works by paying beneficiaries from proceeds from those paying premiums. For Social Security is a ponzu scheme, so is insurance.
U.S. Social Security is currently able to pay full benefits for decades. After that, it can either redeem the trillions in bonds or raise ssa taxes. There is no crisis.
It's an insolvent and unsustainable Ponzi scheme that anyone who works is forced to participate in. Calling it insurance is a con.
Yes it should be ended.
There is nothing wrong with social security except the government couldn't keep their hands out of it and they give it to people who didn't pay into it. Pay into it and get it when you retire, simple.
It's an insolvent and unsustainable Ponzi scheme that anyone who works is forced to participate in. Calling it insurance is a con.
Yes it should be ended.
The superficial similarity to a Ponzi scheme is that different sets of investors are relying on future investors, or at least future growth, to get paid back. But that defines a Ponzi scheme so broadly as to make the term meaningless. In that definition, any intergenerational transfer system is a Ponzi scheme.
You say tomato, I say tomato.
The SS scheme forciblymakes working people poorer today so their neighbor can sit on the porch or claim disability or fund some other redistribution con.
People should wake up to what it really is. You want to raise wages, let workers opt out.
All societies, especially advanced ones should end social security. At the very least, they should completely change the way that it operates so that it is not a ponzi scheme. Currently social security works in most countries by having the working (the kids) pay for the retired adults (parents). It is obvious that the only way for this to be sustainable is for the working class to be large enough to carry the weight of their parents.
Here is the point in an advanced society, people have less children. Less children make it harder for them to bear the weight of the parents. This is why nearly every advanced society is having problems with social security. Japan is in the midst right now as they have so many elderly. The Europeans and here in the US we are having problems.
The only ways to solve this are:
1. People have more kids
I don't have a problem with this, it is just not the tendency for societies to have more children. Once birth-control enters the picture, people have less kids.
2. Import people
This is really not a solution but a band-aid. Sure they can help shoulder the burden, but who then will pay for them. We only kick the can down the road.
3. End/change it permanently
We can end it. Some people may not like that politically. However if they do not end it completely, they will have to change the way that it operates. Instead of simply giving the money from children to adults, they will have to actually save the money into a trust fund. Then when the person gets older, they get their contribution back + interest. This is very much the same as a private pension plan. However the benefits cannot be given out for multiple decades. Otherwise, the cost of supporting people for so long balloons and makes it unsustainable.
The life expectancy is going up and birth rates are going down, it's obvious that we cannot keep our current system.
I am a conservative. Social Security and Medicare are two measures that HAVE reduced poverty levels among the elderly since the 1960s. Both are systems that have benefits to society; however social security has been abused by the "disability" crowd, many of whom recieve benefits without merit. That does not diminish the beneficial effect to millions of Americans who, without that system, might be living in poverty.
I looked at my "expected benefits" from Social Security and what I have paid in. By the time I quit working, I will have paid in over $3 million to social security. I will probably get back $600K (if I am very lucky).
One must look at social security as an additional tax for most. This is why one must consider this "tax" (it is a tax) when there are additional calls for increased taxes by the left.
You are not gonna get a lot of love for that here.
Why yes, why not?
Some countries to consider:
Equatorial Guinea with an average IQ of 59
Ethiopia with an average IQ of 63
Sierra Leone with an average IQ of 64
Democratic Republic of the Congo with an average IQ of 65
I know a number of Congolese have been resettled in Boise, Idaho and you got to wonder what could possibly go wrong?
Liberal insanity.
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